The text book definition of financial planning is as follows: “The process of determining whether and how a person can reach his or her life goals through the proper management of their financial resources”

What does that mean in laymen’s terms? It simply means sitting down and taking the steps to figure out if you are realistically able to meet a life goal such as retirement, paying for college, buying a second home or taking a dream vacation. However, as with many things in life, going through the financial planning process is easier said than done.

Have you ever sat down and figured out what your net worth is? Or even given some thought to what your life goals are? When you want to reach them? All of these difficult yet important questions are part of the financial planning process. Dare to dream – that is the start of the process.

Consider this. Sit down and write down your top two or three life goals and when you want to meet them. This one exercise alone may take more time than you think. If not, good for you. That means you have a pretty well defined goal and a timeframe to reach it.

Next, ask yourself the following questions: Is the goal reasonable and do you think you are on track and have the necessary resources to make your goal? What is the metric you are using to measure your progress and do you have a pretty good handle on all the financial and non-financial aspects needed to hit your goal?

These are all tough but important questions we need to ask ourselves when going through the financial planning process.It is never too late to start.

I welcome your thoughts. Call or email me at 602-281-4357 or